Godrej Properties sells around 90 flats for over ₹1,000 cr in Gurugram

Real estate company Godrej Properties Ltd has sold around 90 flats for more than ₹1,000 crore on the launch day of its new luxury housing project at Gurugram, despite an overall demand slowdown in residential property market.

In a regulatory filing on Friday, the company said around 90 flats were sold on the launch day of its project 'Godrej Astra' located on Golf Course Road micro-market.

The project is spread over 2.76 acres.

This is the company's second launch in the prime Golf Course Road micro-market.

"Gurugram is an extremely important market for Godrej Properties and we look forward to further strengthening our presence there in the coming years," Gaurav Pandey, MD & CEO, Godrej Properties, said.

Godrej Properties is one of the leading real estate developers in the country.

Recently, real estate data analytics firm PropEquity said that housing sales declined 23 per cent in January-March across nine major cities, while housing brokerage firm Anarock reported a 28 per cent drop in sales this quarter across seven major cities.

Despite an overall demand slowdown, big-branded listed developers continue to report healthy sales in their newly launched residential projects.

Post-COVID, there has been a shift in consumer demand towards reputed players from fly-by-night operators and unreliable builders.